At the Annual Meeting, NASBP’s Automation and Technology Committee plans to share good news and provide updates on three of its major projects that impact the surety industry: financial data standards, ACORD Surety Forms, and ACORD Digital Transformation / IT Survey. You are invited to attend the Committee's open-door meeting on Saturday, May 14th at 12:30 p.m. in the Louis Stratta Room at the Broadmoor. This meeting will be followed by a Surety Forms Working Group meeting at 2:30 p.m. led by Jenni Waggoner, Vice-Chair of the Automation and Technology Committee and Leader of the Working Group. If you are not attending in person, consider participating through a WebEx and dial-in number. Contact NASBP Technology Director Dave Golden at dgolden@nasbp.org for more details.
At the General Session on Tuesday, Robert Coon, Chair of the Automation and Technology Committee, will present a full technology update on these projects. Be sure to visit with XBRL-US (booth 14) and ACORD (booth 6) in the Expo Hall. Learn more about all of the exhibitors by visiting the NASBP Online Expo.
Below are brief summaries of three projects the Automation and Technology Committee will be addressing at the Annual Meeting.
Financial Data Standards
The XBRL US Surety Working Group has published a financial data standards business case white paper detailing how data standards will improve efficiencies, accuracy and timeliness in the surety underwriting process. The digital dictionary of surety terms tied to the work in process report has been created and added to the XBRL standard. The working group includes these sponsoring organizations: AIG, GALLINA LLP, Liberty Mutual, NASBP, Travelers and Zurich Insurance. In addition, organizations providing input on the project, include the Construction Financial Management Association of America, Surety & Fidelity Association of America, Financial Accounting Standards Board, and Construction Industry CPAs/Consultants Association.
ACORD Surety Forms
The Surety Forms Working Group submitted two new forms to the Association for Cooperative Operations Research and Development (ACORD) for a formal vote, which will take place June 1st. The ACORD 0503: Commercial or Miscellaneous Bond Request Form was created in collaboration with the NASBP Commercial Surety Committee. The ACORD 0504: Additional Entity Schedule is the other form submitted. In addition to these two new forms, the ACORD 0501: Surety Report of Execution has been updated and e-labeled. At the Annual Meeting, the Group will vote to submit the Small Contractor’s Questionnaire to ACORD and expects the form to be added to the ACORD Forms Library in the Fall voting cycle.
ACORD Digital Transformation / IT Survey
For the first time, NASBP worked closely with ACORD to include surety in their “Insurance Digital Transformation Study” survey. The broad survey receives over 5,000 results on average when it is sent out. The surety-specific questions were shown to those that indicated their business includes surety. The results are still being finalized, and we expect a brief summary of the results created in time for the Annual Meeting. This summer a more thorough Surety IT Survey Results document will be distributed to the NASBP membership. Access older IT Surveys by clicking here.
For more information, contact NASBP Technology Director Dave Golden at dgolden@nasbp.org.